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The company still manages to grow through headwinds from the mortgage markets, taking market share. The mortgage market is expected to turn in the second half of next year. Their platform enables customers to cut costs so it’s also relevant during lean times. One can buy the market leader at discounted prices right now although […]

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The company keeps confounding the critics, growing against headwinds from rising interest rates and lower mortgage origination volumes. This isn’t so surprising, it has done it before. The company has enough tricks up its sleeve to keep this going for some time to come. Only if interest rates rise much further and economic growth slows […]

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Ellie Mae has a near unassailable position in the mortgage market, offering a one-stop-shop solution for its varied customers. Headwinds from the refi market are set to continue, but growth is nevertheless returning to the company on the back of innovation and increasing uptake by corporate customers. Valuations, albeit still steep, have come down, and […]

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The company has a near unassailable market position and keeps on gaining market share. However, we think for the foreseeable future, tailwinds and headwinds (mostly from the mortgage market) will roughly cancel each other out. Therefore, we see the shares as range-bound, at least for now. There is also downside risk if the bond market […]

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The SaaS business model in enterprise software is clearly a very attractive business model commanding some prime valuations. It offers multiple growth avenues, and when done right, platforms can establish themselves as the de facto standard which enables increasing returns to kick in. Here we look at three such companies. Source: SaaS Is King | […]

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The danger for expensive growth stocks is always an earnings miss, especially when accompanied by a considerable guidance reduction. This is exactly what happened to Ellie Mae, and the recovery from this won’t be easy or fast. One positive factoid, seats are still increasing, at least part of the underlying growth mechanics are still there. […]

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Ellie Mae has one of the best business models we have come across. But the law of big numbers and some headwinds in the mortgage market is slowing growth and exposing a valuation that is too rich. This could change if they land a big bank as a customer, which would be a breakthrough. Ellie […]

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Shares of Ellie Mae sold off after the Trump victory as people feared higher mortgage rates would cut their growth. But the company has demonstrated before that they can grow even with headwinds from the market, so the worries were overblown. They are also investing to service even more of the mortgage origination market; this […]

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The shares of mortgage software provider Ellie Mae have sold off strongly on rising bond yields. While the shares are still anything but cheap (especially on a GAAP basis), we think the sell-off is a little overdone. It remains to be seen how far bond yields will rise, to what extent that will slow the […]

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